When it comes to Section 199A advantages under new tax reform, many taxpayers engaged in the real estate industry were left waiting to find out if they would qualify for the benefits. Notice 2019-07 provides additional guidance specific to rental real estate activities.
When was the last time you reviewed your business’ operating agreement? If you are a limited liability company (LLC) or partnership, there are some recent rule changes from the IRS that may be harmful to you and your partners.
Many athletes simply don’t have the experience in managing large sums of money or understanding the ramifications of the high-dollar assets they are purchasing. A qualified accountant can help the athlete establish positive savings and budgeting behaviors from the start. In fact, the best time for the athlete and accountant to meet is before the athlete signs their contract and receives a signing bonus.
More than one year since the enactment of The Tax Cuts and Jobs Act (TCJA), Congress must act to clarify certain areas of the tax code. In this case, a drafting error omitted qualified investment property (QIP) as being eligible for bonus depreciation.
The Wayfair decision will have an impact on every nonprofit organization across the U.S., ranging from increased costs for services to a greater need for due diligence. Though nonprofits are exempt from paying sales tax on goods used in their operations, they may now have to collect taxes on goods and services sold to the organization’s target customers.
For years we have been hearing about major internet fraud schemes. The question is, are you taking some simple steps to protect yourself? Security breaches are not going away anytime soon, so it’s critical that you take some measures to secure your finances.
It’s not too late for private companies to get set for the new revenue recognition standards. The FASB’s guidance is effective in 2019 for annual reporting periods, and in 2020 for interim periods. While this gives private companies a bit more time before they have to report under the new standard, the time to act is now.
Due to the lapse in appropriations that began midnight December 22, 2018, the federal government is in its third week of a partial shutdown, which includes much of the Internal Revenue Service.
A new year presents a fresh opportunity to take stock of the financial condition of your medical business. Given the demands on your time and evolving healthcare regulations, it is understandable if you have some catching up to do.
A taxpayer-friendly provision included in the tax reform package allows bonus depreciation to expand to 100 percent for qualified property placed into service after Sept. 27, 2017, and before Jan. 1, 2023.
